ETH just had lowest quarterly return since Q2 2022: Blockworks Research

The network is at a “pivotal juncture,” Blockworks Research’s Marc-Thomas Arjoon said

article-image

Akif CUBUK/Shutterstock and Adobe modified by Blockworks

share

This is a segment from the Empire newsletter. To read full editions, subscribe.


For ether, things aren’t looking good. The chart below very clearly shows just how painful of a spot ETH is in right now.

Blockworks Research’s Marc-Thomas Arjoon noted that ETH had its lowest quarterly return since Q2 2022. Yikes. 

Like I said above, some of the pressure is macro, as folks drop their risk assets like hot potatoes to protect themselves. But let’s be clear: Ethereum also has no one to blame but itself. 

“Ethereum’s fundamentals also weakened, with Real Economic Value (REV) dropping 48% month-over-month to $37M, its lowest since July 2020. Despite these setbacks, Ethereum maintained its dominance in the stablecoin market, with a record $124B in market cap and continued growth in on-chain activity,” Arjoon wrote.

The network, Arjoon continued, sits at a “pivotal juncture.”

“As the effects of Pectra unfold and market conditions stabilize, Ethereum has the potential to reclaim momentum and strengthen its role as a cornerstone of the decentralized ecosystem,” he added. 

The one big bonus for Ethereum has been stablecoin and institutional interest. As those continue to dominate the narrative, they also help give the network a much-needed boost. But is that going to be enough?

I guess only time — and Pectra — will tell.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.png

Research

USDai is a synthetic dollar fully backed by tokenized three‑month T-bills custodied by M^0. When holders stake USDai in an ERC-4626 vault, they mint sUSDai, which finances short-term, amortizing loans secured by NVIDIA-class GPUs and servers.

article-image

The House on Thursday passed the CLARITY Act, a landmark cryptocurrency market structure bill

article-image

Interchain Labs will focus on sovereign L1s and institutional demand, abandoning plans for smart contracts on the Cosmos Hub

article-image

Also, only three tokens have outperformed bitcoin so far this year: XMR, HYPE and SKY

article-image

The fund group has submitted proposals in recent months for other funds that would hold litecoin, solana, XRP, HBAR, Sui and others

article-image

Momentum’s back — BTC leads, risk assets follow

article-image

Ondo Finance’s acquisition of blockchain development company Strangelove follows its buy of Oasis Pro